Oil prices kept in check by global economy fears

The price of oil was little changed Tuesday, with the outlook for energy demand kept in check by weak manufacturing in China and the U.S.

Benchmark U.S. crude for March delivery was up 19 cents to $96.62 a barrel at 0830 GMT in electronic trading on the New York Mercantile Exchange. The contract fell $1.06 to close at $96.43 on Monday.

Oil prices took a hit this week after surveys of purchasing managers in the world's two biggest economies indicated weakness in manufacturing last month.

A trade group in the U.S. reported that manufacturing barely expanded in January as cold weather cut shipments and forced some factories to shut down. On the weekend, a Chinese manufacturing index by a government-affiliated agency reported that activity declined to just above the level that indicates contraction.